U.S. Bancorp agreed Monday to buy investment company Piper Jaffray Companies Inc. for $730 million, ending months of speculation that started shortly after Piper finished cleaning up the fallout from a disastrous derivatives-based investing strategy.
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The company spent more than $100 million settling lawsuits resulting from the failed derivatives strategy. The century-old investment banking and brokerage concern had been mentioned as a can-didate for acquisition for several months.